Fellowship PAC Channels $3 Million in Ad Buys Through Firm Co-Founded by Tether US CEO

A newly established crypto-focused political action committee has launched with $11 million in initial funding and is already directing significant resources through a marketing firm with ties to Tether's top U.S. executive.

Major Crypto Industry Players Back New Super PAC

Fellowship PAC, which emerged this month as the crypto industry's latest political vehicle, has secured $10 million from Cantor Fitzgerald and $1 million from Anchorage Digital, according to Federal Election Commission filings made public Wednesday. The super PAC has committed its efforts to supporting Republican candidates across congressional and gubernatorial races.

What has drawn particular attention is the PAC's advertising expenditure strategy. Of the $3 million allocated for political advertising so far, all funds have been directed to Nxum Group, a company co-founded by Bo Hines, who currently serves as Tether US CEO. Hines established the firm alongside his father and another partner before joining Tether last year, following a stint as President Donald Trump's crypto adviser.

Cantor Fitzgerald's Central Role

While Fellowship PAC has been publicly linked to Tether since its formation last year and features a senior Tether executive as chairman, the majority of its funding originated from Cantor Fitzgerald. The New York-based financial services giant manages the reserves backing Tether's stablecoin operations, which remain among the largest in the digital asset sector.

The connection runs deeper still: Howard Lutnick, Cantor's former chief executive who now serves as Trump's Commerce Secretary, previously oversaw the firm before his children assumed control. Fellowship's treasurer is also a Cantor executive, underscoring the intertwined relationships between the PAC and the financial institution.

Representatives from Tether US did not immediately respond to requests for comment, while a Cantor spokesperson declined to discuss the firm's involvement with the super PAC.

Initial Campaign Support and Spending

According to FEC filings, Fellowship PAC has distributed its initial support across three Republican candidates. The organization committed $300,000 to support Clay Fuller, the newest U.S. House member who recently assumed Marjorie Taylor Greene's Georgia seat following a special election. An additional $850,000 has backed Nate Morris in his bid for a U.S. Senate seat in Kentucky, while $350,000 supports incumbent Nebraska Senator Pete Ricketts.

The $3 million paid to Nxum Group for advertising services represents the PAC's entire spending to date. Prior to this engagement, Nxum lacked substantial experience serving political action committees or campaigns. Its most notable previous work involved $1 million in billboard advertising donated to MAGA Inc. in 2024, shortly before Hines accepted his White House position.

Regulatory Questions and Transparency Commitments

When Fellowship announced its formation last year, organizers pledged $100 million in backing and promised to champion transparency while supporting pro-crypto candidates. That funding level has not yet materialized in FEC filings.

Anchorage Digital, which holds the distinction of being the first crypto-native institution to receive a U.S. federal banking charter, framed its $1 million contribution as an investment in shaping American crypto policy.

"Anchorage Digital has made a corporate contribution to the Fellowship PAC as part of our broader, bipartisan approach to advancing regulatory clarity for digital assets in the United States," the company stated publicly.

A significant question remains regarding whether Tether or Tether US could legally contribute directly to the PAC. U.S. campaign finance law prohibits non-U.S. entities from direct involvement in American electoral funding.

Coinasity's Take

The emergence of Fellowship PAC highlights the crypto industry's increasingly sophisticated approach to political influence, but the concentration of spending through a firm led by Tether's U.S. CEO raises transparency questions. While the PAC pledged to champion openness, the gap between its announced $100 million commitment and actual $11 million in funding suggests either strategic pacing or unfulfilled promises. The Cantor Fitzgerald-Tether nexus demonstrates how traditional finance and digital assets are converging in the political arena, though the arrangement's optics may test the credibility claims that attracted initial support.